HDFC MF eyes premium for its IPO, seeks valuation twice that of Reliance MF

Housing Development Fin Corp, Standard Life seek to raise Rs 35 bn by selling about 10% in asset manager's maiden issue

HDFC Asset Management Company is seeking a valuation more than twice that of its close rival Reliance Mutual Fund in its maiden offering later this year.

Housing Development Finance Corporation and Standard Life are looking to raise about Rs 35 billion by selling a little over 10 per cent stake in asset manager's initial public offering (IPO). This would value the exchange at about Rs 350 billion. Reliance Nippon Life Asset Management, which got listed in November, is currently valued at Rs 157 billion.

According to experts, the fund house is commanding a premium on account of its brand name and track